Posted: Mon Oct 27, 2008 9:46 am Post subject: Loan Options if any?
Here is my situation,
Bought in AUG 08, paid 235K, house should appraise between 240K-250K. Need 8k,which half is needed to pay off debt, the other half to do a few improvements. What is the best route to get money? Tried to secure a personal loan, but was shot down by Wells Fargo and Citi!
Any help would be greatly apprieciated.
Ms. Miller Guest
Posted: Mon Oct 27, 2008 12:07 pm Post subject: You are denied
Not enough equity to get 8K. With closing costs, and everything involved with taking cash out, you will not be approved for a refinance or equity line of credit.
Guest Guest
Posted: Mon Oct 27, 2008 1:06 pm Post subject:
I know some states like Texas allow you to tap into 125% of your home's equity? Is Virginia similiar in that aspect?
Yes, I have heard of the Home equity loan or HELOC (line of credit) - up to 125% equity. I would recommend you to speak to some of the lenders. This will help you to get a clear idea. You may try for a cash out refinance if possible but you will have to check with the lender. Terms and conditions of the loans may differ from one lender to another.
There are no 125% loans available in this market. Guest not sure where you heard the info on TX but TX is one of the toughest to get cash out they cap it at 80% _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
honestly, there's too little information here to provide a reasonable opinion. we don't know the credit situation, nor do we know the balance of the existing mortgage. ms. miller, i think you jumped the gun with your comments.
of course, having purchased in august of 2008 will definitely prevent a refinance. perhaps you just need to slog along as you are with that $8000, unless you can find a credit union or the like to grant a personal loan. _________________ George M. Akerley
Loan Consultant
860-221-5044
farmerm
